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"Saudi Arabia's stock market led gains in the Gulf on Wednesday after King Salman carried out major reshuffles in the line of succession and his cabinet. Egypt's bourse rebounded on hopes for good news about taxes.

The main Saudi index climbed 1.0 percent to 9,812 points. The benchmark rose above major technical resistance in the 9,572-9,745 point area, where the 200-day average roughly coincides with the March peak.

"Saudi Arabia's stock market rose in early trade on Wednesday after King Salman carried out major reshuffles in the line of succession and his cabinet.

The main Saudi index climbed 0.8 percent to 9,790 points as most stocks rose. The move lifted the benchmark above major technical resistance in the 9,572-9,745 point area, where the 200-day average roughly coincides with the March peak.

"Residential property sales in Saudi Arabia’s capital Riyadh have plunged since the kingdom introduced tougher mortgage rules last November, research from JLL shows, and the consultancy predicted the restrictions would spur further countrywide declines.

Buyers can now borrow a maximum 70 per cent of a property’s sale price; previously, there were no sector-wide limits. The curbs were announced in 2013 and implemented in November 2014 after the introduction of laws to facilitate mortgage lending.

The restrictions aim to prevent a bubble forming in residential real estate of the kind seen in Dubai several years ago. Authorities want to encourage home ownership and prevent ordinary Saudis from being priced out of the housing market."

"Emirates Telecommunications Corp. raised $400 million by selling bonds as it returned to the market for the first time since its debut offering in June, two people with knowledge of the matter said.

The United Arab Emirates phone operator sold the securities as part of its 2.375 percent June 2019 notes that raised $500 million last year, said the people asking not to be identified because the information hasn’t been made public. The issue will be priced to yield 72.5 basis points, or 0.725 percentage points, over the interpolated midswap rate, the people said. The rate narrowed from an initial guidance of about 80 basis points, they said.

The June 2019 notes of the company, also known as Etisalat, traded at a spread of 66.4 basis points yesterday, according to data compiled by Bloomberg. The Abu Dhabi-based company sold the bonds under its $7 billion global medium-term note program. It issued $4.3 billion of debt in June."

“Given our aggressive expansion plans, we thought it prudent to hire a firm like Rothschild to carry out a strategic review to assess all possible financing options,” Chief Executive Officer Riad Meliti said in an interview in Dubai. “It could be an IPO, a strategic investor or a bond issue.”

The bank, present in five countries in the Middle East and Africa, has about $150 million in cash and may need extra financing for acquisitions, according to Meliti, who said that Arqaam is pursuing a number of “inorganic opportunities.”"